Is two parts to that last night i focused on the major averages are not representative of the broader economy. Something held true today with the dow and s p losing 4. 4 and nasdaq sinking 5. 7 after the dollar skyrocketed something we warned about because the fed made it confusing how much they will keep helping the economy. The stronger dollar isnt great but the incredible v shape rally in the stock market doesnt jive with reality in a world where we still have double digit unemployment tonight, though, we need to talk about the other part of the sentence the stock market doesnt reflect Current Conditions emphasis on the word current why . The market is a forecast machine across the ball and supposed to be appearing six to nine months in the future. Maybe the economy is in rough shape. Let say they reflect next february so what are the odds the economy will be in much better condition by then because some people would say stocks are saying. Thats the key question. Tonight, i want to
Socalled macrow and listen to individual companies on a day the dow slid, s p lost. 79 and nasdaq shed 6. 8 because treasury yields cantonu to sink and the president terrified the market you dont know the term terrified . You better get used to it. Others were focused on tariffied, i was focus on home depot because when im trying to take the pulse, home depot gives me a better read from the bond market or any talking people on tv home depot has all sorts of insights you cant get from staring at the yield curve and right now the spot says the consumer all systems go. After list piening to the blockbuster earnings, idea were heading to a recession, according to home depot, things are getting stronger, not weaker but there are issues why should you trust home depot . Two words. Car carol, the longtime chief financial person who is retiring after 24 years at the company. It was her last conference call. Money. We spend a huge amount of time interviewing officials going and Hedge Fund Manag
David faber at the new york stock change well talk about the move and impact on tech, media and m a. Feet futures are up well get housing data in an hour and yellen speaks tonight the Justice Department sues to block the merger with time warner saying it would hurt competition and result in higher prices for consumers at t says it is breaking with decades of antitrust precedent by blocking a merger of companies that dont directly compete with each other. Well talk to the lead attorney in just a few moments. As you heard stevenson say, the suit defies logic and erat cal departure from decades of antitrust precedent. It is surprising even now, that we have seen the lawsuit and weeks leading up to the possibility of it. Remember when the wall street journal first reported the possibility it could be blocked. Many people were like, what, really when this deal was announced frankly, action on the antitrust front was way down the list of potential risks and yet here we are with a case coming
Somehow we didnt get with some tit title wave of selling including me i thought it would be bad the sure of congress or trumps tweets, that often seem out of step with folks like washington, jefferson, lincoln today three of our more president ial president s. Here we are after one more whole hum day after we hit multi entry level highs. Nasdaq tacking on, its worth noting we did make it out of here unscaved. Why . Why was i so concerned because historically septembers the worst year for the market. Since 1928 the s p had climbed to 1. 14 since september this year up 1. 1 . Septembers different, its a month i feared every since i got in the business, thats because of the not because of the big picture in history but from my personal history when you run a Hedge Fund Like i do, discipline says you should sell everything, lock in your performance, lock in the term and only day trade for the rest of the year. I did it many times in my hedge fund that always breeds automatic selling. If yo
In the biotech names and, again, guys, some real loops here well see if that continues as people dissect what is happening with this Senate Proposal for health care. Well send it right back down to the New York Stock Exchange and the true over at squawk alley. Good morning. Welcome to squawk alley much its 8 00 a. M. At oracle headquarters in Redwood Shores in california. 11 00 a. M. Here on wall street squawk alley is live good morning welcome to squawk alley. Carl has the morning off. Im on this side now. Youre on this side we like to switch it out a little bit joining us this morning, vanity fair special correspondent and General Motors vice chairman and cnbc cbsor bob lutz. Good morning to both of you. We want to Talk Health Care were just getting this draft legislation from the senate. Theyve been working on it in secret were starting to get the details trickling out as we make our way through 140 pages. Were seeing the markets react Health Care Stocks are surging on the back of t